Byron Wien Looks at Ben Bernanke's Work

The Blackstone senior advisor wonders whether the Fed chairman has made lasting contributions to the economy.

Poor Ben Bernanke. He could step down as Federal Reserve Chairman as soon as next year and he must be thinking about his legacy.

Everyone considers him a hero now because he's adding a trillion dollars to the Federal Reserve balance sheet in this year alone and a good portion of that is finding its way into financial assets. Ten-year Treasuries are yielding less than 2%, making the budget deficit cheaper to finance, and the Standard...